Mobile Payments in China Grow over 200-fold in Space of a Decade

164

Adoption and usage of mobile payments in China has surged in just the past decade, according to a report from the country’s peak payments and clearance body.

In 2021 the number of mobile payments transactions processed by Chinese banks marked a 282.67-fold increase compared to 2012, according to the “2022 China Payments Sector Annual Report” (中国支付产业年报2022) released by the the Payments and Clearing Association of China (PCAC) on 15 June.

The value of mobile payments transactions processed by Chinese banks in 2021 also marked a 228.31-fold increase across the same period.

In 2021 Chinese banks processed over 100 billion online payments worth 235.4 billion yuan, for 5.52-fold and 2.86-fold increase compared to 2012 respectively.